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3%
“The U.S. economy grew last quarter at a healthy 3% annual pace, fueled by strong consumer spending and business investment, the government said Thursday in an upgrade of its initial assessment,” the AP reports.
2.8%
“Economic activity in the U.S. was considerably stronger than expected during the second quarter,” CNBC reports. “Real gross domestic product, a measure of all the goods and services produced during the April-through-June period, increased at a 2.8% annualized pace adjusted for seasonality and inflation. Economists surveyed by Dow Jones had been looking for growth of 2.1% following a 1.4% increase in the first quarter.”
$7 trillion
The US economy will grow by an extra $7 trillion over the next decade, according to estimates from the CBO, according to Business Insider. The CBO said the additional growth will be driven by an influx of immigrants. “More workers mean more output and that in turn leads to additional tax revenue,” CBO director Phillip Swagel said.
4th
Bloomberg: “California’s economy has proven relatively resilient, first through the pandemic and now through the current period of elevated inflation. So much so, that the Golden State’s gross domestic product is poised to overtake Germany’s as the fourth largest in the world after the US, China and Japan. It had already leapfrogged Brazil (No. 7) and France (No. 6) in 2015 and supplanted the UK (No. 5) in 2017.”
“Last year, President Xi Jinping seemed all but invincible. Now, his push to steer China away from capitalism and the West has thrown the Chinese economy into uncertainty and exposed faint cracks in his hold on power. … Chinese policy makers became alarmed at the end of last year by how sharply growth had slowed after Mr. Xi tightened controls on private businesses, from tech giants to property developers. Meanwhile, China’s stringent Covid lockdowns, part of Mr. Xi’s approach to handling the crisis, have ramped up again as Covid cases surge, hurting both consumer spending and factory output.”
8%
“Economists at Goldman Sachs raised their GDP growth expectations for the U.S. economy to 8% for 2021 in a note to clients on Sunday night,” Axios reports. “Not only would 8% annual growth denote a stupendous turnaround from the coronavirus pandemic, it would significantly outpace the firm’s growth expectations for the U.S. from as recently as late 2020.”
0%
Goldman Sachs revised its earnings estimate for the year for U.S. companies to $165 per share, representing 0% growth in 2020, as a result of the coronavirus, CNBC reports. This is a dramatic break from the consensus forecast of Wall Street, which still calls for earnings to climb 7% this year.
3.1%
“The U.S. economy grew at a healthy 3.1% rate in the first three months of this year, but signs are mounting that growth has slowed sharply in the current quarter amid slower global growth and a confidence-shaking trade battle between the United States and China,” the AP reports.
0%
White House economic adviser Kevin Hassett said that the partial government shutdown “could suffocate the economy this quarter if it persists, leading to zero percent growth,” Politico reports.
3.5%
“The U.S. economy expanded at a 3.5 percent pace in the third quarter as consumers opened their wallets, businesses restocked inventories and governments boosted spending, marking the strongest back-to-back quarters of growth since 2014,” Bloomberg reports.
